Unemployment Rate (Australia)
Event Date: Thursday, November 16, 2023
Event Time: 00:30 CET
Updated Sunday, November 12, 2023
In February last year, we saw a decline to 4.9% in the Australian unemployment rate which came as a bit of a surprise, but the unemployment rate ticked higher to 5.0% again in March, which was revised higher to 5.1%. In April we saw another increase to 5.2%, so the economic weakness is also being felt in employment. In May, the unemployment rate was expected to decline to 5.1%, but it missed expectations and remained at 5.2%, where it has been since then, but it ticked higher unexpectedly in August. Although, unemployment ticked down to 5.2% again in September, moved to 5.3% again in October, but moved back down to 5.2% in November again and again to 5.1% in December. The unemployment rate stood at that level in February, while in March it ticked higher to 5.2%, but it is expected to jump to 8.3% in April due to coronavirus. Although, it didn't increase too much, coming at 6.2%, which is much better than other major countries. But it jumped to 7.1% in May and to 7.4% in June, while in July it increased to 7.5%, but it declined to 6.8% in August. In September though, we saw another increase to 6.9%, while jobs declined by 29.5K. Since then, unemployment has been declining as the global economy improved, but it moved higher in July, after Australia brought back lock-downs again and in October we saw a jump to 5.2%, which came down to 4.2% in December. It continued declining to 3.4% but it ticked higher to 3.5% earlier and was expected to move up to 3.6% again in June, but remained unchanged. This month though the unemployment rate is expected to move higher to 3.7%. Please follow us for live coverage of this event by experienced market analysts.
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About Unemployment Rate (Australia)
Released by the Australian Bureau of Statistics, the Unemployment Rate is the number of unemployed workers represented as a percentage of the aggregate civilian labor force. Abnormally high or growing Unemployment statistics are an indication of economic slowdown.Unemployment is a primary economic metric. Its performance is viewed as being correlated with consumer confidence, consumer spending, and industrial growth. Being a top 20 global power in terms of GDP, Australia depends heavily on its industrial and services sectors for output. Mining, food processing, steel, and chemical production play large roles in Australian industry.A high Unemployment reading is interpreted as bearish toward the AUD. Low or shrinking Unemployment fosters positive sentiment toward the AUD.